Market Commentary

Currencies | Energy | Food | Grains | Indexes | Interest | Livestock | Metals

INO.com’s Daily Market Analysis

It’s free, informative, and will help you prepare and plan for the next trading day, while getting a jump on changing market conditions.

Privacy Policy

GRAINS

July Corn closed up $0.08 3/4-cents at $6.52 1/2.

July corn closed higher on Monday as it bounced off support marked by the 38% retracement level of this year's rally. The high-close sets the stage for a steady to higher opening when Tuesday's night sessions begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this week's decline, the 50% retracement level of this year's rally crossing at $6.06 3/4 is the next downside target. Closes above the 10-day moving average crossing at $6.97 1/2 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $6.97 1/2. Second resistance is May's high crossing at $7.35 1/4. First support is the 38% retracement level of this year's rally crossing at $6.37 1/4. Second support is the 50% retracement level of this year's rally crossing at $6.06 3/4.

July wheat closed down $0.07 1/2-cents at $6.99 3/4.

July wheat closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends the decline off May's high, the 50% retracement level of the March-April-rally crossing at $6.80 3/4 is the next downside target. Closes above the 10-day moving average crossing at $7.29 3/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.29 3/4. Second resistance is April's high crossing at $7.15 1/4. First support is last-Thursday's low crossing at $6.90 3/4. Second support is the 50% retracement level of the March-April-rally crossing at $6.80 3/4.

July Kansas City Wheat closed down $0.05 1/2-cents at $6.52 1/4.

July Kansas City wheat closed lower on Monday. The mid-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends today's decline, the 62% retracement level of the March-April-rally crossing at $6.28 3/4 is the next downside target. Closes above the 10-day moving average crossing at $6.95 1/4 are needed to confirm that a short-term low has been posted. First resistance the 10-day moving average crossing at $6.95 1/4. Second resistance is May's high crossing at $7.41 1/2. First support is the 62% retracement level of the March-April-rally crossing at $6.28 3/4. Second support is the 75% retracement level of the March-April-rally crossing at $6.04 3/4.

July Minneapolis wheat closed down a $0.25 3/4-cents at $7.15.

July Minneapolis wheat closed sharply lower on Monday as it extends the decline off May's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are becoming oversold but remain neutral to bearish signaling that sideways to lower prices are possible near-term. If July extends this month's decline, the 50-day moving average crossing at $6.82 3/4 is the next downside target. Closes above the 10-day moving average crossing at $7.62 1/4 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $7.62 1/4. Second resistance is May's high crossing at $8.07 1/4. First support is today's low crossing at $7.03 1/2. Second support is the 50-day moving average crossing at $6.82 3/4.

SOYBEAN COMPLEX? 

July soybeans closed up $0.01 1/4-cents at $15.87 1/2.

July soybeans closed higher on Monday as it consolidated some of last-Thursday's decline. The mid-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are neutral to bearish signaling that sideways to lower prices are possible near-term. Closes below the 20-day moving average crossing at $15.47 would signal that a short-term top has been posted. If July renews the rally off last-April's low, psychological resistance crossing at $17.00 is the next upside target. First resistance is last-Wednesday's high crossing at $16.67 1/2. Second resistance is psychological resistance crossing at $17.00. First support is the 10-day moving average crossing at $15.84. Second support is the 20-day moving average crossing at $15.47.

July soybean meal closed down $3.60 to $414.90.

July soybean meal closed lower on Monday as it extended the decline off last-Wednesday's high. The low-range close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. Closes below the 50-day moving average crossing at $415.10 would open the door for a possible test of April's low crossing at $399.40. Closes above the 10-day moving average crossing at $430.80 would signal that a short-term low has been posted. First resistance is the 10-day moving average crossing at $430.80. Second resistance is last-Wednesday's high crossing at $457.20. First support is the 50-day moving average crossing at $415.10. Second support is April's low crossing at $399.40.

July soybean oil closed up 139-pts. at 68.97.

July soybean oil closed sharply higher on Monday and posted another new contract high as it extends the rally off last-April's low. The high-range close sets the stage for a steady to higher opening when Tuesday's night session begins trading. Stochastics and the RSI are overbought but remain neutral to bullish signaling that sideways to higher prices are possible near-term. If July extends this year's rally, the March-2008 high on the monthly continuation chart crossing at 71.26 is the next upside target. Closes below the 20-day moving average crossing at 62.56 would signal that a short-term top has been posted. First resistance is today's high crossing at 69.99. Second resistance is the March-2008 high on the monthly continuation chart crossing at 71.26. First support is the 10-day moving average crossing at 65.30. Second support is the 20-day moving average crossing at 62.56.